SJVN Q2 result: Net profit more than doubles to ₹657 crore, EBITDA up 84%

State-run SJVN reported a sharp increase in its second-quarter performance for FY27, with net profit rising to ₹657.4 crore from ₹308 crore in the corresponding quarter last year.

Revenue for the quarter increased 117.5% year-on-year to ₹2,244.3 crore, compared with ₹1,032 crore in Q2 FY26.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 84.3% to ₹1,585 crore from ₹860 crore a year ago. However, EBITDA margin contracted to 70.6% from 83.3% in the year-ago period.

Separately, SJVN's board has approved a proposal to initiate the process of merger or amalgamation of its wholly owned subsidiary, SJVN Thermal Private Limited, with SJVN Limited.

STPL is engaged in thermal power generation and operates the 1,320 MW Buxar Thermal Power Plant in Bihar. SJVN said the subsidiary's continued existence as a separate legal entity does not offer significant incremental benefits, while maintaining a separate corporate structure involves duplication of functions, additional expenditure and multiple statutory and regulatory compliances.

The merger is expected to eliminate overlapping functions, rationalise resources and reduce the deployment of managerial and organisational resources, the company said.

As of March 31, 2026, STPL had a paid-up capital of ₹3,131.72 crore and turnover of ₹520.78 crore. SJVN's paid-up capital stood at ₹3,929.80 crore, while its turnover was ₹3,544.52 crore.

Since STPL is a wholly owned subsidiary of SJVN, no consideration or share exchange ratio will be applicable. The company also said no change in its shareholding pattern is envisaged.

SJVN said the proposed merger will not fall within the purview of related-party transactions, citing the Ministry of Corporate Affairs' General Circular No. 30/2014 dated July 17, 2014, which exempts certain amalgamation-related transactions under the Companies Act, 2013 from related-party transaction requirements.

The merger proposal is subject to the requisite approvals, including that of the Government of India.

SJVN shares ended 1.56% higher at ₹53.22 on the NSE on Friday.

Also Read: Asian Paints targets 8-9% volume growth in FY27, aims to restore margins to 18-20%